The latest Statistics Canada figures show that economic growth slowed from 0.2 per cent in September, as an expansion in the service industry offset a decline in the mining and energy sectors. The agency expects GDP to grow 0.1 per cent in November, according to preliminary data. (The Logic) 

Talking point: Despite the slowdown, Royal Bank of Canada economist Claire Fan said the economy is still on track to outperform the Bank of Canada’s projection of 0.5 per cent annualized growth in fiscal 2022. Still, overall growth levels are underwhelming, and rising consumer debt costs from higher interest rates will begin to bite early in 2023, Fan wrote, tipping the Canadian economy into recession sometime in the first three months of the year. With an economic downshift already underway, the “central bank looks increasingly likely to be nearing a pause in its current hiking cycle.”